Market Overview

Finish Line Tops Q1 Expectations, Shares Surge

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Shares of Finish Line Inc (NASDAQ: FINL) surged over 5 percent in pre-market trading after the company reported stronger-than-expected results for its first quarter.

The Indianapolis, Indiana-based company posted quarterly earnings of $13.8 million, or $0.30 per share, compared to $12.4 million, or $0.25 per share, in the year-ago period. Non-GAAP EPS rose to $0.30 from $0.28.

Its revenue climbed 9.1 percent year-over-year to $443.4 million. However, analysts were expecting a profit of $0.24 per share on revenue of $429.83 million.

The average estimate among 17 Estimize users was for earnings of $0.27 per share and revenue of $439.55 million.

Its same-store sales rose 5.5 percent in the quarter.

During the quarter, Finish Line repurchased 1.25 million shares of common stock for $31.3 million.

As of May 30, 2015, Finish Line's consolidated merchandise inventories rose to $323.3 million, versus $295.0 million as of May 31, 2014.

As of May 30, 2015, the company had $82.2 million in cash and cash equivalents and no interest-bearing debt.

"Fiscal 2016 is off to a solid start," said Glenn Lyon, Chairman and Chief Executive Officer of Finish Line. "We're delivering an enhanced customer experience with our commitment to offering latest and greatest merchandise assortments and providing world class service. We will continue to drive consistent growth and increased profitability across each of our divisions with focus on our customer-centric operating model. We are confident these strategies will translate into greater value for our shareholders over the long-term."

Finish Line still projects fiscal year adjusted earnings per share growth in in the low single to mid single digit range and comparable store sales growth in the low single to mid single digit range.

Finish Line shares climbed 5.56 percent to $28.50 in pre-market trading.

Posted-In: profitEarnings News Guidance

 

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